VANCOUVER, British Columbia, April 24, 2017 (GLOBE NEWSWIRE) -- PreveCeutical Medical Inc. (“PMI”) a health and wellness company focused on utilising nature and science for the benefit of health-conscious consumers, is pleased to announce that it has signed a research and development agreement effective April 22, 2017 (the "Agreement") with UniQuest Pty Limited (“UniQuest”) for conducting a research program (the "Research Program") for the extraction, formulation and ex vivo evaluation of cannabinoids (CBDs) for local/direct nose-to-brain delivery via Sol-Gels. UniQuest is the main commercialisation company for The University of Queensland (“UQ”).
PMI has an interest in the preventative health sector with their lead product being derived from Caribbean Blue Scorpion Venom for the nutraceutical market. Additionally, due to increasing evidence of the clinical benefits presented by CBDs, and recent legalisation of ‘medical marijuana’ across a number of jurisdictions, PMI is seeking development and evaluation of translatable formulations for central nervous system (“CNS”) delivery of CBD’s, for which, soluble gels (sol-gels) present an ideal platform for achieving this aim, being in-solution upon administration, and rapidly gelling upon contact with mucosal tissue, paving the way for safer, reliable drug delivery for agents, such as CBDs that are rapidly metabolised, or that would benefit from direct nose-to-brain CNS delivery to provide clinical benefit.
The duration of the proposed Research Program is approximately thirty (30) months and will encompass fractionation and analysis of plant-derived CBDs, formulation of soluble-gels infused with fractionated CBD extracts, and perform CBD-fraction delivery studies from lead sol-gel formulations.
Under the Agreement, intellectual property arising from the carrying out of or results developed during the Research Program will be owned by PMI. The Agreement provides PMI with an option to negotiate with UniQuest a royalty-bearing license to use UniQuest’s intellectual property in soluble gels (sol-gels) for the commercialisation of nasal delivery of cannabinoids by PMI. UniQuest would also receive additional development-based milestone payments for the license.
“Working with UniQuest and the University of Queensland on this research program provides PMI with unique opportunities towards developing products that promote good health and wellness. Nasal delivery of CBDs will potentially provide a safer and reliable delivery platform with clinical benefits that include benefits for pain, inflammation, seizures, and mental illness”, said Stephen Van Deventer, PMI’s Chairman and Chief Executive Officer.
Information on these projects will be presented by Dr. Makarand Jawadekar, PMI’s Chief Science Officer, and Dr. Harendra (Harry) Parekh, of the University of Queensland’s School of Pharmacy, at PMI’s presentation on April 27, 2017.
Presentation Information:
| Venue: | The Fairmont Waterfront Hotel (900 Canada Pl, Vancouver, BC V6C 3L5), Malaspina Room |
| Date: | Thursday, April 27, 2017 |
| Time: | 1:30 p.m. PDT to 6:00 p.m. PDT |
Confirm your attendance, register by clicking here: https://preveceutical-presentation-2017.eventbrite.ca/
Update on Previously Announced Amalgamation and Financing
The non-brokered private placement of up to 10 million units for minimum gross proceeds of at least $1 million and maximum gross proceeds of up to $5 million (the "Financing") being conducted by Carrara Exploration Corp. (CSE:CAA) ("Carrara"), pursuant to a previously announced amalgamation agreement, is ongoing. The amalgamation agreement provides for the acquisition of PMI by Carrara by way of a three-cornered amalgamation and a reverse take-over of Carrara by PMI. A copy of the news release announcing the Financing and a copy of the amalgamation agreement were posted on Carrara’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR)’s website on March 23, 2017, and can be accessed at www.sedar.com.
About UniQuest Pty Ltd.
UniQuest is the main commercialisation company of UQ, specialising in the commercialisation of intellectual property, research outcomes and expertise. UniQuest delivers commercialisation outcomes which provide impact for business, the environment, global communities and society as a whole. UniQuest benchmarks in the top 10 percent globally for university-based technology transfer. UQ innovations licenced by UniQuest are now generating annual sales of over $3 billion. For example, UQ superconductor technology, through licensing arrangements, is used in two-thirds of the world’s MRIs and more than 80 million doses of the life-saving Gardasil® cervical cancer vaccine, patented by UniQuest in 1991, have been distributed throughout 121 countries, including 72 developing countries.
One Behalf of the Board of Directors,
Stephen Van Deventer
Chairman & CEO
Forward-Looking Statements:
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "schedules", estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, statements as to the terms and conditions or other matters related to the Agreement, the proposed research and development services to be provided by UniQuest, the details of the Research Program, the anticipated business plans of PMI regarding the foregoing, the timing of future activities and the prospects of their success for PMI, PMI's ability and success in executing its proposed business plans, including the Research Program and the amalgamation. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to the inability of Carrara to complete the Financing and the inability of PMI or UniQuest, to complete the Research Program as planned and obtain any required governmental approvals, permits or financing required to carry out planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology or pharmaceutical industry, may also adversely affect the future results or performance of PMI. There is no guarantee that any of the proposed research programs will be successful or their results can be commercialized by PMI. There is no guarantee that the Research Project or the amalgamation will be completed. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, PMI assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although PMI believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by PMI from time-to-time.